The Mortgage Man: SafeHouse Mortgage Protection Plan
Editor's Note: "The Mortgage Man" is a new column on PhxSoul.com that will provide useful, professional mortgage and home ownership advice.
Submitted by Arthur Brison
| "The Mortgage Man" Arthur Brison |
In this economy, many of your clients may be hesitant to purchase a home because they are worried about the stability of their jobs. With the SafeHouse program, your clients will know that their home, usually their largest investment and source of greatest security, will be protected from the decisions that an employer may face. This should give your clients great comfort as they continue to plan for their future.
As you know, this is an ideal time to buy a home. I do not want to see anyone else miss out on low interest rates and bargain home values because they are concerned about the stability of their employment. NOVA’s SafeHouse Mortgage Protection Plan makes the decision to buy a much easier one. Below is some important information about the program:
Eligibility
- Homeowners 18 – 66 years of age
- Must reside in the US
- Cannot be self-employed, contract employee, seasonal worker or Active Military
- Employed full-time (minimum 30 hours per week) at time for mortgage closing
Coverage
- 24 months from the closing date of the mortgage on purchase transactions
- 12 months from the closing date of the mortgage on refinance transactions
Benefit
- The lesser of the actual payment (PITI) or $1800 per month
- Emergency mortgage grants for eligible participants
Benefit Period
- Up to a maximum of 6 months during each coverage period
Waiting Period
- 30 days from commencement of unemployment
Conditions
- Unemployment must commence during the coverage period
- Coverage is limited to payments due 30 days after unemployment begins (waiting period)
- Claimant must qualify for state unemployment benefits
- Claims payment cease immediately upon re-employment
- In the event of subsequent unemployment, a new 30-day waiting period applies
Should you or any of your clients be interested in discussing the SafeHouse Mortgage Protection Plan in more detail, please don’t hesitate to call me.
Arthur Brison is a Senior Loan Officer for Nova Home Loans/Nova Commercial in Scottsdale, Arizona where he provides innovative financing solutions for First-time Home Buyers, Real Estate Investors, Commercial, and Small Business Owners. As an 11-year veteran of the real estate and mortgage industries, Brison leverages his proven experience in mortgage underwriting, fraud investigation, sales, and management. Prior to joining the mortgage industry, Brison served his country as a Crytologic Petty Officer in the United States Navy.
A mentor and entrepreneur at heart, Brison is passionate about the future state of the youth and developing African-American and other minority small businesses. Currently he serves as a volunteer for Big Brothers Big Sisters of Central Arizona as well as a member of its Professional Leadership Council. He also serves his community as a member and Treasurer of the Greater Phoenix Urban League Young Professionals.
Brison can be reached at 480-614-6430 or by e-mail at arthurb@novahomeloans.com.
Yeah, I think this plan is very helpful. but the main thing is price. it's not much higher.
Posted by: Mortgage | May 13, 2009 at 17:54